Tisa wants Yates to step down

By DALE LUMA
THE Teachers Savings and Loans Society Ltd (Tisa) has called on Credit Corporation (PNG) Ltd chairman Syd Yates to step down to allow a Papua New Guinean national to assume the position.
Tisa, the third largest shareholder to Credit Corporation (PNG) Limited (Credit Corp) with 62,000 members, said it was concerned with the manner in which Credit Corps 2019 annual general meeting (AGM) was conducted.
Group chief executive officer Michael Koisen said on Friday that the AGM, which was conducted online and chaired overseas by Yates on June 25, had denied stakeholders the right to effectively interact with the board, management and other stakeholders to discuss issues.
Koisen said a physical AGM could have been organised with social distancing measures in place and followed.
He said during the pandemic-driven economic recession and crisis, it was important that all leaders remained in the country to provide leadership domestically.
Credit Corp said in response that the AGM was conducted with assistance of its share registry Link Market Services as a virtual meeting in accordance with best practice and regulatory requirements.
“It was conducted consistently with the procedures adopted by many other PNGX (PNG National Stock Exchange) and ASX (Australian Securities Exchange) listed companies such as Bank South Pacific and Oil Search in the Covid-19 environment,” the company said.